Shionogi & Co., Ltd. - Notice of Revision of Results Forecast
for the Year Ended March 31, 2007

TOKYO, April 4, 2007-Shionogi & Co., Ltd. has revised its
results forecast for the fiscal year ended March 31, 2007, which
was announced on November 6, 2006, as follows.

1. Revised Results Forecast for the Full Fiscal
Year

April 1, 2006 – March 31, 2007
Consolidated

(Millions of yen)

Net sales

Operating income

Ordinary income

Net income

Original forecast (A)

205,000

31,000

31,000

18,000

Revised forecast (B)

200,000

28,500

28,000

18,000

Increase (decrease)
(B-A)

(5,000)

(2,500)

(3,000)

-

Percentage increase (decrease)

(2.4?)

(8.1?)

(9.7?)

-

Previous fiscal year

196,388

29,226

29,656

22,735

(2)
Non-consolidated

(Millions of yen)

Net sales

Operating income

Ordinary income

Net income

Original forecast (A)

193,000

27,500

29,000

17,000

Revised forecast (B)

185,500

24,500

25,500

17,000

Increase (decrease)
(B-A)

(7,500)

(3,000)

(3,500)

-

Percentage increase (decrease)

(3.9?)

(10.9?)

(12.1?)

-

Previous fiscal year

183,388

25,770

28,107

26,663

2.
Reasons for the
Revisions

Net sales for the year
ended March 31, 2007 are projected to fall short of the original
forecast due to weaker sales of core ethical drugs resulting from
lower prevalence of influenza and pollen allergies and the delay of
the planned sales expansion of new products. Consequently, both
operating income and ordinary income are forecast to be below the
original forecast. Net income is expected to meet the original
forecast due to gain on exchange of shares that was not included in
the original non-consolidated forecast.

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